What happen when you install multiple distribution provisioning profile on the same system? Can you still code sign your app? I don't quite understand how the provisioning profile works, can someone explain?
yes you can code sign your app with either one by editing the target properties for your app in xcode. (opt+command+e, scroll down to "Code Signing")
the provisioning profiles are basically like your company's identity on your device that says you have permission to execute your custom code on it. within each provisioning profile, you'll have your own iphone developer identity (which should match your private key and cert in the keychain access app on your mac).
you can also have multiple provisioning profiles on your device.
the dev provisioning profile allows you to build and run your app on your device.
the "distribution" provisioning profiles will not let you run your distribution build of your app to your device however. they are only used only for compiling the distribution build on your computer that you'll zip and upload to itunes connect.
hope this helps.